CNBC’s Real Estate correspondent Diana Ollick had a piece on yesterday talking about the 7.3% (an increase was anticipated but not as large as this) increase in pending home sales nation wide. She noted that the largest increase was in the West (up 15%) were the market has been heating up of late (or something to that effect).
She also mentioned that she had spoken with several hedge funds that were buying up tracks of new, vacant house for rentals because of a strengthening economy/rental market with an eye to selling the houses in two years when the sales market was better. She noted when the BIG money comes in to the market that there is probably a light at the end of the tunnel (again, I don’t remember exactly…it was probably during my first cup of coffee). This was a surprise coming from her because, by her own admission, she has been singing the doom and gloom message all year.
Anyway, as I have said too often these last couple years the media has not helped the market or the Buyer physiology. Perhaps the news reporting, and the market conditions, is changing. I know there are a number of us who are busy during this typically slow week so we are going into 2012 with certainly more momentum than we had 12 months ago.
Happy New Year
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